Business law:

Question 1: Which of the following is considered by courts to determine whether the statement is a term OR a mere representation?

Select one:

a.

Business valuation of the party making the statement

b.

Qualification of the parties

c.

Length of the statement

d.

Timing of making the statement

Question 2: A rented his apartment to B for $500 per week with the terms that B will pay $300 to A and the remaining $200 to C (As son). B paid rent as per terms for an initial couple of weeks but then stopped paying rent, even after repeated reminders from A. C needs money and want to sue B for his $200 for outstanding weeks. Will C succeed in his claim of rent from B (assume that C has power of attorney given by A and is suing on behalf of A)?

Select one:

a.

No, since C has not given any notice to B for paying rent to him

b.

No, C is not a party to the contract so C will not succeed in his claim of rent

c.

Yes, since C is legally authorised (has power of attorney) to act on As behalf

d.

Yes, C is entitled to receive money as he is a party to the original contract (Power of attorney does not matter in this case)

Question 3: Frustration of a contract may NOT occur in which one of the following circumstances

Select one:

a.

miscalculation of profit arising from the contract

b.

either the offeror or offeree dies prior to performance of the contract and contract is for personal services

c.

when there is a change in the law with the effect of making the original contract illegal

d.

destruction of the subject matter of the contract

Question 4: Which of the following is a method of implying terms of the contract?

Select one:

a.

All the given options represent the methods of implying the terms of a contract

b.

through Statutes

c.

Through trade custom or usage

d.

by the courts

Question 5: Which of the following statements is/are NOT true regarding the liability for inducing a breach of contract?

Select one:

a.

None of the given options is correct

b.

One who has induced the breach of the contract my be held liable under the law of tort

c.

One who has breached the contract is liable under the law of contract

d.

One who has induced a breach of contract is liable under the law of contract